Lamesa man charged with money laundering - KCBD NewsChannel 11 Lubbock

6/23/09

Lamesa man charged with money laundering

By Ben Lawson  - bio | email

LAMESA, TX (KCBD) - New details in the case of a Lamesa man currently under investigation by the Securities and Exchange Commission. Rod Stringer, 46 now faces criminal charges of money laundering.

NewsChannel 11 first broke this story back in January. That's when the SEC filed their complaint. Investigators say he ran a fraudulent hedge fund and misappropriated millions of dollars from investors.

Late Monday, the U.S. Attorney's Office filed felony charges of money laundering against Stringer. Their report states Stringer schemed to defraud investors out of nearly $14 million. Federal authorities say he ran a Ponzi Scheme, paying off investors with other investor's money.

The SEC already authorized the auction of some of Stringer's assets in an effort to repay those investors. If convicted for felony money laundering, authorities say Stringer will forfeit more than $1.5 million from several accounts, including bank accounts in Lamesa and Big Spring.

Until now, Stringer had only been civilly cited. This is the first criminal charge in this case. We'll keep you updated on the latest developments.

©2009 KCBD NewsChannel 11. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

1/20/09
SEC Files Complaint Against Lamesa Man
Retirement plans for more than two dozen people on the South Plains could be in jeopardy, after federal investigators filed a complaint against a Lamesa man.

 

  • Local News on KCBD.comNewsMore>>

  • North Korean leader Kim called Trump a what? A 'dotard'

    North Korean leader Kim called Trump a what? A 'dotard'

    Friday, September 22 2017 2:35 AM EDT2017-09-22 06:35:40 GMT
    Friday, September 22 2017 7:48 AM EDT2017-09-22 11:48:27 GMT

    North Korean leader Kim Jong Un called President Donald Trump a what? A mentally deranged 'dotard,' which is a translation of a derogatory Korean word for an elderly person.

    North Korean leader Kim Jong Un called President Donald Trump a what? A mentally deranged 'dotard,' which is a translation of a derogatory Korean word for an elderly person.

  • Search for Mexico quake survivors enters day 4, some success

    Search for Mexico quake survivors enters day 4, some success

    Friday, September 22 2017 1:15 AM EDT2017-09-22 05:15:33 GMT
    Friday, September 22 2017 7:48 AM EDT2017-09-22 11:48:18 GMT

    Survivors are still being pulled from rubble in Mexico City as rescue operations stretch into a fourth day, spurring hope among desperate relatives gathered at the sites of buildings collapsed by a magnitude 7.1 earthquake.

    Survivors are still being pulled from rubble in Mexico City as rescue operations stretch into a fourth day, spurring hope among desperate relatives gathered at the sites of buildings collapsed by a magnitude 7.1 earthquake.

  • Puerto Rico faces weeks without electricity after Maria

    Puerto Rico faces weeks without electricity after Maria

    Friday, September 22 2017 4:06 AM EDT2017-09-22 08:06:51 GMT
    Friday, September 22 2017 7:47 AM EDT2017-09-22 11:47:47 GMT

    They eye of Hurricane Maria is nearing the Turks and Caicos early Friday as Puerto Rico tries to recover from the storm's devastation.

    They eye of Hurricane Maria is nearing the Turks and Caicos early Friday as Puerto Rico tries to recover from the storm's devastation.

Powered by Frankly